Homework 2

xlsx

School

Louisiana State University, Shreveport *

*We aren’t endorsed by this school

Course

700

Subject

Accounting

Date

May 20, 2024

Type

xlsx

Pages

39

Uploaded by JessicaRasco

Report
Question 1 CORRECT $76,000.00 $15,000.00 $61,000.00 X $25,000.00 a. Find the Prime Cost: Prime Cost = Direct Labor Cost / Prime % $25,000.00 b. Manufacturing Overhead $61,000.00 = Manufacturing Costs - Prime Cost During the month of May, direct labor cost totaled $10,000 and direct labor cost was 40% of prime cost. If total manufacturing costs during May were $86,000, the manufacturing overhead was:
Question 2 Work in process inventory Finished Goods inventory How much was the cost of goods available for sale on the Schedule of Cost of Goods Sold? $151,000.00 $137,000.00 $185,000.00 $136,000.00 COGS = Beginning Finished Goods Inventory + Cost of Goods Manufactured Tenneson Corporation's cost of goods manufactured for the just completed month was $151,000 and its inventories were as follows:
Maybe Correct? 151,000.00 Beginning Ending 63,000.00 66,000.00 34,000.00 48,000.00 ? X $185,000.00
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Question 3 Which of the following is not an IMA standard: Competence Comparability Credibility Confidentiality
CORRECT X
Question 4 Norred Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Variable administrative expense Fixed selling and administrative expense If 8,000 units are produced, the total amount of indirect manufacturin $134,300.00 $12,800.00 $121,500.00 $120,800.00 Total variable manufacturing overhead cost = Variable manufacturing overhead * units produced Total fixed manufacturing overhead cost total indirect manufacturing cost = Total variable manufacturing overhead cost + Total fixed manufacturi
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CORRECT Cost per Unit Cost per Period 7.50 3.70 1.60 121,500.00 1.50 0.45 44,550.00 ng cost incurred is closest to: X 12,800.00 121,500.00 134,300.00 ing overhead cost
Question 5 Shane Corporation has provided the following data concerning last month's operations. Direct materials Direct labor Manufacturing overhead applied to Work in Process Work in process inventory Finished goods inventory How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold? $161,000.00 $157,000.00 $160,000.00 $193,000.00 COG Manufacturing:
CORRECT 23,000 58,000 92,000 173,000 Beginning Ending 56,000 69,000 -13,000 33,000 36,000 -3,000 X 173,000 -16,000 157,000
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Question 6 $45,000.00 $81,000.00 $20,000.00 $36,000.00 Conversion Cost = Manufacturing overhead for the month / (1 - conversion cost rate) Direct labor cost = Conversion cost - direct materials cost In May direct labor was 60% of conversion cost. If the manufacturing overhead for the mo direct materials cost was $30,000, the direct labor cost was:
CORRECT 60% 54,000.00 X $135,000.00 $81,000.00 onth was $54,000 and the
Question 7 Borchardt Corporation has provided the following data concerning last month's Direct materials Direct labor Manufacturing overhead applied to Work in Process Work in process inventory How much is the cost of goods manufactured for the month on the Schedule of $235,000.00 $169,000.00 $178,000.00 $173,000.00 COGM = Q
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CORRECT s operations. 29,000 58,000 82,000 169,000 Beginning Ending 66,000 57,000 9,000 f Cost of Goods Manufactured? X
Question 8 Shelp Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Variable administrative expense Fixed selling and administrative expense For financial reporting purposes, the total amount of period costs incurred to sell 9,000 un $49,500.00 $40,500.00 $33,000.00 $9,000.00 Total variable selling and administrative expense Total fixed selling and administrative expense total period (non manufacturing cost) The total amount of period costs
CORRECT Cost per Unit Cost per Period 7.15 3.35 1.40 81,000.00 0.50 0.50 40,500.00 nits is closest to: X 9,000.00 40,500.00 49,500.00
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Question 9 Managerial Accounting reports are: Regulated Mandatory Future Oriented Prepared for external users
CORRECT X
Question 10 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense For financial reporting purposes, the total amount of product costs incurred to make 9 $106,200.00 $121,500.00 $236,700.00 $227,700.00 Direct Materials Total variable manufacturing cost Total fixed manufacturing overhead cost Total Product Manufacturing Cost Landmann Corporation's relevant range of activity is 7,000 units to 11,000 units. When it produces and sells 9,000 units, its average costs per unit are as follows:
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CORRECT Average Cost per Unit 6.35 4.10 1.35 13.50 2.25 1.80 1.00 0.45 9,000 units is closest to: X 11.80 106,200.00 121,500.00 227,700.00
Question 11 The following costs were incurred in May: Direct materials Direct labor Manufacturing overhead Selling expenses Administrative expenses Conversion costs during the month totaled: $87,000.00 $133,000.00 $54,000.00 $59,000.00 Conversion cost = direct labor + manufacturing overhead
CORRECT 41,000 13,000 46,000 18,000 15,000 X 59,000
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Question 12 The salary paid to the president of a company would be classified on the incom Direct Labor Cost Selling expense manufacturing overhead cost administrative expense
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CORRECT me statement as a(n): X
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Question 13 $45,000.00 $47,000.00 $79,000.00 $63,000.00 Direct Material cost = beginning raw materials inventory + raw materials purchases - ending raw materia Beginning raw materials inventory Raw Materials Purchases Ending Raw Materials Indirect Materials Bottum Corporation, a manufacturing Corporation, has provided data concerning The beginning balance in the raw materials account was $20,000 and the ending Raw materials purchases during the month totaled $63,000. Manufacturing overh the month was $111,000, of which $2,000 consisted of raw materials classified a direct materials cost for May was:
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CORRECT X als - indirect materials 20,000.00 63,000.00 (36,000.00) (2,000.00) 45,000.00 g its operations for May. g balance was $36,000. head cost incurred during as indirect materials. The
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Question 14 Direct Costs: DL and MOH Easily traced to a particular cost object non-manufacturing costs DM and MOH
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CORRECT X
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Question 15 $139,000.00 $134,000.00 $141,000.00 $136,000.00 Cost of goods manufactured = Direct Materials Direct Labor Manufacturing Overhead applied Beginning work in a process inventory Ending work in a process inventory Cost of goods manufactured = Rediger Inc., a manufacturing Corporation, has provided the following data for the balance in the Work in Process inventory account was $22,000 at the beginning of at the end of the month. During the month, the Corporation incurred direct materi direct labor cost of $28,000. The actual manufacturing overhead cost incurred was manufacturing overhead cost applied to Work in Process was $51,000. The cost of June was: Direct materials + Direct labor + Manufacturing overhead applied + Beginning wo Ending work in process inventory
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CORRECT X 55,000.00 28,000.00 51,000.00 22,000.00 (17,000.00) 139,000.00 e month of June. The f the month and $17,000 ials cost of $55,000 and s $53,000. The f goods manufactured for ork in process inventory -
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Question 16 Pedregon Corporation has provided the following information: Direct materials Direct labor cost Manufacturing overhead Selling expense Administrative expense The prime cost for November was: $112,000.00 $60,000.00 $136,000.00 $105,000.00 Prime Cost = Direct Labor Costs + Direct Materials
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CORRECT 51,000 54,000 82,000 18,000 42,000 X 105,000
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Question 17 CORRECT The costs of direct materials are classified as: Conversion cost A) Yes B) No C) Yes D) No Choice D X Choice B Choice C Choice A
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Manufacturing cost Prime cost Yes Yes No No Yes No Yes Yes
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Question 18 Frankin Corporation has provided the following data concerning last month's ope Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor cost Manufacturing overhead applied to Work in Process Raw materials inventory Work in process inventory How much is the cost of goods manufactured for the month on the Schedule of C $169,000.00 $155,000.00 $221,000.00 $175,000.00 Total raw materials available = Purchases of raw materials + raw materials beginning inventory - ending raw ma Deduct indirect materials included in manufacturing overhead Add direct labor and manufacturing overhead cost applied to work in process Add beginning WIP inventory Deduct ending WIP inventory
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CORRECT erations. 26,000 6,000 58,000 97,000 Beginning Ending 11,000 17,000 52,000 66,000 Cost of Goods Manufactured? X aterial inventory 20,000 -6,000 14,000 169,000 52,000 -66,000 155,000
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Question 19 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense If 5,000 units are produced, the total amount of fixed manufacturing cost incurred is clos $14,000.00 $11,200.00 $16,800.00 $12,600.00 Total fixed manufacturing overhead cost Schonhardt Corporation's relevant range of activity is 2,000 units to 6,000 units. When it produces and sells 4,000 units, its average costs per unit are as follows
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CORRECT 4000 Average Cost per Unit 7.15 3.40 1.35 2.80 0.70 0.40 0.50 0.40 sest to: X 11,200.00
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Question 20 Dipaola Corporation has provided the following data concerning last month's operation Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor cost Manufacturing overhead applied to Work in Process Overapplied overhead Raw materials inventory Work in process inventory Finished goods inventory How much is the direct materials cost for the month on the Schedule of Cost of Goods $38,000.00 $32,000.00 $14,000.00 $26,000.00 Raw materials used = Beginning raw materials inventory + Purchases of raw materials - Ending raw material
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CORRECT ns. 26,000 6,000 58,000 87,000 6,000 Beginning Ending 12,000 18,000 46,000 64,000 31,000 46,000 s Manufactured? X 14,000 ls inventory - indirect materials
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